Tingo drilling results
Peruvian Gold Limited PVO
Shares issued 14,227,466 Jul 14 close $0.50
Wed 15 Jul 98 News Release
Mr. David Henstridge reports
The company has received the results of an eight-hole reverse circulation drill program completed at the Tingo porphyry copper prospect about 300km south of Lima near the coast of Peru.
Surface mapping conducted by the company identified an altered intrusive about 2,600 metres by 1,700 metres elongated northwest-southeast. In the northern part of the target, a roughly circular zone of interest 1,400 metres in diameter was identified, consisting of abundant pyrite, silica and minor copper oxides (pyrite halo). At the centre of this halo is a zone about 500 metres by 600 metres of intense silica stockwork accompanied by secondary biotite, pyrite, chalcopyrite, chalcocite, covellite and malachite; the pyrite content is estimated to average about 7 per cent. A leached cap consisting mostly of limonites, jarosite and manganese oxides overlies the sulphide bearing outcrops found in the creeks. In the southern part of the target leaching is more intense with minor malachite recorded. The drill program was focused on some of the strongest geophysical anomalies over an area 700 metres north-south by 1,400 metres east-west. Although mineralized porphyry was encountered in each hole, the observed sulphide content was below that expected from the induced polarization survey which yielded results of up to 100 mvolts/volt.
Hole Depth Interval Length Cu
m m m %
TRC-1 102 0 - 102 102 0.08
TRC-2 150 0 - 150 150 0.18
including 28 - 58 30 0.32
TRC-3 140 0 - 140 140 0.08
TRC-4 94 0 - 94 94 0.10
including 62 - 72 10 0.37
TRC-4A 176 0 - 176 176 0.09
TRC-5 50 0 - 50 50 0.04
TRCA 106 0 - 106 106 0.09
TRC-7 219 0 - 219 219 0.13
Holes TRC-1 and TRC-6 appear to lie within the pyritic halo phase of the
porphyry; TRC-6 occurs along the eastern margin of the porphyry, but TRC-1
is located in a fault block down-dropped in the middle of the mineralized
zone. Chalcocite was noted in holes TRC-2 and TRC-4, yielding values of
0.32 per cent Cu and 0.37 per cent Cu over 30 metres and 10 metres,
respectively. All the holes are highly anomalous in copper, and the
presence of chalcocite is encouraging. The area between holes TRC-2 and
TRC-4 (325 metres apart) has potential for additional supergene
mineralization. The company's staff is currently reviewing all the
information from this first drill program before preparing any further work program at Tingo.
Drill contracts are being sought for the drill programs planned at the Lara porphyry copper and Ollachea gold prospects.
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